Ethereum Is Moving To Exchanges In Bulk - Is The Big Selloff Coming Now?
9/18/2022, 07:11 PM
The leading smart contract platform Ethereum transitioned to a proof-of-stake network on Sept. 16, one day after an Ethereum whale moved about 100,000 ETH worth about $145.62 million from one anonymous wallet to another, according to Whale Alert data. The tokens were moved on Sept. 16, one day after Ethereum transitioned to a proof-of-stake network.
Whale Alert reports that the tokens were moved on Sept. 16, one day after Ethereum transitioned to a proof-of-stake network. Recently, the market intelligence firm Santiment mentioned that the leading smart contract platform’s network value to transaction (NVT) metric is in its best state in 16 months. Non-exchange addresses have declined 11%, while exchange-based addresses have surged by 78%.
Earlier last week, the exchange balance of Ethereum reached 21.96 million, the highest level in five months. Also, an anonymous cryptocurrency wallet holding $69,500,418 of Ethereum transferred its funds onto Binance in the previous week. Abnormally large cryptocurrency transfers from wallets to exchanges are typically a bearish signal.
At the time of writing, ETH was trading at $1430.91, down almost 19% in the last seven days. Many Ethereum holders bought both Ethereum to get both ETH and ETHPOW tokens after the merge. These Ethereum positions were often hedged with ETH short positions. So it was possible to hold large sums of Ethereum without risk.
Now that the merge is complete, these positions are being sold again, so large Ethereum moves are no surprise. However, this should not affect the price as both the long and short positions will be closed. Overall, the ETHPOW price has fallen sharply since the merge. It is currently at $5. It's sure to fall further as most people just got EthPOW to sell after the merge.
Whale Alert reports that the tokens were moved on Sept. 16, one day after Ethereum transitioned to a proof-of-stake network. Recently, the market intelligence firm Santiment mentioned that the leading smart contract platform’s network value to transaction (NVT) metric is in its best state in 16 months. Non-exchange addresses have declined 11%, while exchange-based addresses have surged by 78%.
Earlier last week, the exchange balance of Ethereum reached 21.96 million, the highest level in five months. Also, an anonymous cryptocurrency wallet holding $69,500,418 of Ethereum transferred its funds onto Binance in the previous week. Abnormally large cryptocurrency transfers from wallets to exchanges are typically a bearish signal.
At the time of writing, ETH was trading at $1430.91, down almost 19% in the last seven days. Many Ethereum holders bought both Ethereum to get both ETH and ETHPOW tokens after the merge. These Ethereum positions were often hedged with ETH short positions. So it was possible to hold large sums of Ethereum without risk.
Now that the merge is complete, these positions are being sold again, so large Ethereum moves are no surprise. However, this should not affect the price as both the long and short positions will be closed. Overall, the ETHPOW price has fallen sharply since the merge. It is currently at $5. It's sure to fall further as most people just got EthPOW to sell after the merge.